1. Home Buyers’ Plan
Qualifying home buyers can withdraw up to $25,000 (couples can withdraw up to $50,000) from their RRSPs for a down payment. Home buyers who have repaid their RRSP may be eligible to use the program a second time. See the Canada Revenue Agency to Learn more or to participate in the Home Buyers’ Plan or call 1.800.959.8287
2. GST/HST New Housing Rebate
New home buyers can apply for a rebate for the 5% GST if the purchase price is $350,000 or less. The rebate is equal to 36% of the GST to a maximum rebate of $6,300. There is a proportional GST rebate for new homes costing $350,000 – $450,000. There is no rebate for homes priced at $450,000 and above. Canada Revenue Agency. 1.800.959.8287
3. BC Property Transfer Tax (PTT) First-Time Home Buyers’ Program
Qualifying first-time buyers may be exempt from paying the PTT of 1% on the first $200,000 and 2% on the remainder of the purchase price of a resale home priced up to $475,000. There is a proportional exemption for homes priced between $475,000 and $500,000. At $500,000 and above the rebate is nil. Learn more. 250.387.0604
4. BC Property Transfer Tax Newly Built Home Exemption
Qualifying buyers of new homes may be exempt from paying the PTT on a newly built home or newly subdivided unit priced up to $750,000, saving buyers up to $13,000; and a partial exemption on newly built homes priced $750,000 to $800,000. Learn more. 1.888.355.2700.
5. First-Time Home Buyers’ Tax Credit (HBTC)
Eligible individuals who bought a qualifying home in 2015 can claim the home buyers’ amount of $5,000 on line 369 of Schedule 1 when filing their 2015 income tax and benefit returns. For 2015, the maximum home buyers’ tax credit (HBTC) is $750, which is calculated by multiplying the home buyers’ amount of $5,000 by the federal non-refundable tax credit rate of 15% (equal to the lowest personal income tax rate for the year). Learn more. 1.800.959.8281
6. BC Home Owner Grant
Reduces property taxes for home owners with an assessed value of up to $1,200,000. Learn more or contact your municipal tax office.
7. BC Property Tax Deferment Programs:
– Property Tax Deferment Program for Seniors. Qualifying home owners aged 55+ may be eligible to defer property taxes.
– Financial Hardship Property Tax Deferment Program. Qualifying low-income home owners may be eligible to defer property taxes.
– Property Tax Deferment Program for Families with Children. Qualifying home owners who financially support children under age 18 may be eligible to defer property taxes.
Learn more. 1-888-355-2700
8. Home Adaptations for Independence (HAFI)
A program jointly sponsored by the provincial and federal governments provides up to $20,000 to help eligible low income seniors and disabled home owners and landlords finance modifications to their homes to make them accessible and safer. Learn More. 604.433.2218 or toll-free 1.800.257.7756
9. BC Seniors’ Home Renovation Tax Credit
Assists eligible seniors 65+ with the cost of certain permanent home renovations to a principal residence to improve accessibility or help a senior be more mobile at home. The maximum amount of the refundable credit is $1,000 per tax year and is calculated as 10% of the qualifying renovation expense (maximum $10,000).
Learn more. Canada Revenue Agency or toll-free 1.800.959.8281
10. CMHC Mortgage Loan Insurance Premium Refund
Provides home buyers with CMHC mortgage insurance, a 10% premium refund and possible extended amortization without surcharge when buyers purchase an energy efficient home or make energy saving renovations.
Learn more. 604.731.5733
11. Energy saving mortgages
Financial institutions offer a range of mortgages to home buyers and owners making their homes energy efficient. For example, home owners who have a home energy audit within 90 days of receiving an RBC Energy Saver™ Mortgage may qualify for a rebate of $300 to their RBC account. BMO Eco Smart Mortgage™ rewards customers for making energy efficient choices.
12. FortisBC new home energy rebate offer
FortisBC and BC Hydro customers can receive rebates when building ENERGY STAR new homes or installing high-efficiency natural gas fireplaces. Learn more.
13. Home Energy Rebate Offer
BC Hydro and FortisBC offer home owners rebates for upgrades and improvements, including insulation, space and water heating systems and ventilation to reduce the average customer’s energy bill by 30%. There is a bonus offer for completing three or more of certain upgrades. Total value of available rebates: $5,300 per household. Offer ends March 31, 2016, but may be offered again in the future. Learn more.
15. FortisBC Rebate for rental apartment buildings
In October 2015, FortisBC launched the Rental Apartment Efficiency Program for owners and managers of rental apartment buildings nine units and larger. The program includes a water-efficient shower head and a kitchen and bathroom faucet aerator directly installed in each unit, a building energy assessment and ongoing professional assistance. Learn more and FAQ’s.
15. BC Hydro Energy savings Kits
BC Hydro and FortisBC offer income-qualifying customers a free energy saving kit containing products to help save energy and money. Learn more.
16. FortisBC rebates for homes
Rebates for home owners including a $300 rebate for purchasing an EnerChoice fireplace, or up to $1,800 off an ENERGY STAR water heater, or a $1,000 rebate for switching to natural gas (from oil or propane) and installing an ENERGY STAR heating system. Total value of available rebates: $5,300 per household.
Learn more. 1.800.663.8400
17. Rain barrel subsidy programs
This incentive program rebates up to $450 for a cistern that is rated for potable use and able to collect a minimum of 4,546 litres (1,000 gallons) of rainwater. In addition, there is up to $300 available for other eligible collection system expenses such as transport piping, debris traps, filters and installation costs. Distribution components (beyond the tank) are not covered under the rebate. This makes a total of $750 available per household for the purchase and installation of a rainwater harvesting system. Learm More at RDN.ca